The Boone EDC Microloan mission is to be a resource for small businesses in Boone County. If you are looking for funding for new equipment, renovations, upgrades, or more the microloan is a low interest investment option that can boost you to the next level.
What is a microloan?
Microloans are small-scale, low interest loans, from $1,000 to $15,000. Microloans provide convenient start-up options for small businesses seeking funding for specific projects.
How do microloans work?
Microloans are not meant to finance entire start-up endeavors. As a support to start-ups, microloans should be used in collaboration with other start-up financing options, such as investments from personal savings, family and friend support, etc. In order for microloans to be funded by the Boone EDC, support financing (i.e. personal savings, family/friend investment) must be secured and identified in appropriate business plan documents provided along with this application.
What are examples of microloans the Boone EDC has provided?
Examples of microloan projects include financing for specific equipment purchases or building improvements to promote increased sales/revenue options for a business. Previously, the Boone EDC has provided microloans for building improvements and fixtures for displays; flooring, lighting, and sound equipment and improvements for a new event space; the installation of a new paint booth for the finishing of products.
What are microloans not used for?
Microloans may not be used for working capital purposes, such as payroll, rent/lease payments, or regular utility bills. Certain inventory may be considered, but generally is not allowable. Microloan funds may not be used to pay taxes, fees, or outstanding bills.